Bitcoin's lowest spike was 98888.8, and it has been fluctuating around 100000 downwards for the past five days with spikes. The opening next week is crucial, as the weekly line is close to MA60, a level that has not been broken in the past few years. Therefore, this round of decline approaching this point is likely to see a rebound, but the height of the rebound is currently uncertain. The market is still in the process of finding a bottom, and a positive sign is that the bottom from the spike on October 10 has been reclaimed, with the price dropping to around Fibonacci 0.5.
Ethereum's weekly line has spiked at MA60, and it has not yet reclaimed the internal range of the 10-day spike near MA200, requiring a clear second bottom test.
The three major U.S. stock indices showed a downward pullback this week, but a downward spike occurred on Friday. Therefore, next week, attention should be paid to whether they can rebound, as there is short-term support.
Bitcoin
This wave of Bitcoin has accumulated a decline of 21%. In previous significant corrections, a drop of 20% to 30% is considered normal. After the spike, the price fluctuated around 100,000 for five to six days. Whether it can stop falling depends on whether the key resistance levels of 104500 and 107000 can be broken.
From the current situation, the market is still in the process of finding a bottom. There is temporary support around Fibonacci 0.5, and if it continues to drop, the next support level will be around 94500 corresponding to 0.618. I personally believe there is a chance for a bottom rebound within this range.
● Support: 94500—96000
● Resistance: 104500—107000
Ethereum
Ethereum's performance is relatively weaker, with a spike after touching MA60 on the weekly line. In the previous six weeks, there were two sets of bearish signals of "double shadows sandwiching a yang." The daily line has not yet reclaimed the spike range, and the daily price has also dropped to around Fibonacci 0.5, where the range from 0.5 to 0.618 is strong support.
The advice for Ethereum is consistent with that for Bitcoin; it is still in the process of finding a bottom, and currently, one can only attempt to play for a rebound in batches.
● Support: 3057—3190
● Resistance: 3485—3680
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The article is time-sensitive and for reference only, updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Public account: BTC Trading Prince Fusu
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